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姓名 徐欣廷(Sin-Ting Hsu)  查詢紙本館藏   畢業系所 人力資源管理研究所
論文名稱 公司治理結構、融資限制與人力資本關聯性之分析
(The Relationships between Corporate Governance, Financial Constraint, and Human Capital)
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摘要(中) 因應金融海嘯所引發不同企業對於勞動力政策的調整,本研究欲從企業執行此政策之意願及能力,即為公司治理結構以及融資限制程度兩方面進行研究,並於勞動力窖藏的意涵中體現人力資本價值之概念。藉由外部董事比例、CEO雙元性、及現金流量權的偏離幅度作為公司治理結構的代理變數,衡量對於人力資本流失的影響,並建立KZ指數作為融資限制程度之指標,探討其作為公司治理結構與人力資本流失間關係的中介效果。樣本期間為危機爆發後的重建期(2010年至2016年),總共1,179家台灣上市及上櫃公司。經由實證結果證實,融資限制程度對其人力資本流失具有正向影響,受到融資限制程度較高的企業在人力資本流失上的速度是較為快速的。而外部董事比例與現金流量權的偏離幅度也確實分別與融資限制程度及人力資本流失有顯著的影響。最後,藉由中介效果的檢驗顯示,公司治理結構對於人力資本流失有直接層面的影響,亦能間接透過資金配置使人力資本流失產生影響。
摘要(英) To response to the impact of financial crisis, many companies have adjusted their labor policy. The purpose of this study is to explore the willingness and capability of enterprises to implement labor policies. We employ corporate governance structure and the degree of financial constraint as our base of this research which reflect the concept of human resources in the turn of labor hoarding. We establish three proxy variables (ratio of outside director, CEO duality, and the deviation of cash flow) to measure the effect of corporate governance structure on the loss of human capital. We also use Kaplan- Zingales index as the measurement of financial constraint to investigate how enterprises mediate the relationship between corporate structure and the loss of human capital. We collect 1,179 Taiwanese listed and over-the-counter (OTC) companies during the reconstruction period after the financial crisis (from 2010 to 2016). The empirical result shows that the degree of financial constraint has a positive impact on the loss of human capital. It reflects that the higher the degree of financial constraint is, the faster the loss of human capital is. In addition, the ratio of outside director and the deviation of cash flow have a significant influence on the degree of financial constraint and the loss of human capital. At last, the analysis of mediation effect indicates that the corporate governance structure has a direct impact on the loss of human capital, and can also indirectly affect the loss of human capital by the allocation of funds.
關鍵字(中) ★ 公司治理
★ 融資限制
★ 勞動力窖藏
★ 人力資本流失
★ 董事會組成
★ CEO雙元性
★ 現金流量權的偏離幅度
關鍵字(英) ★ Corporate Governance
★ Financial Constraint
★ Labor Hoarding
★ Loss of Human Capital
★ Board Structure
★ CEO Duality
★ Deviation of Cash Flow
論文目次 第一章 緒論................................................................................1
第一節 研究動機與目的...............................................................1
第二節 研究架構.........................................................................3
第二章 文獻探討.........................................................................4
第一節 勞動力窖藏與人力資本.....................................................4
第二節 融資限制.........................................................................7
第三節 融資限制對於人力資本流失的影響....................................9
第四節 公司治理結構對於人力資本流失的影響............................11
第五節 融資限制對於公司治理與人力資本流失間關係之中介效果.18
第三章 研究方法........................................................................22
第一節 研究架構與假說..............................................................22
第二節 研究樣本........................................................................23
第三節 研究模型........................................................................24
第四節 操作型定義.....................................................................27
第五節 研究工具........................................................................33
第四章 實證結果與分析..............................................................34
第一節 敘述性統計(Descriptive Statistics).............................34
第二節 相關分析(Correlation)................................................36
第三節 迴歸分析(Regression Analysis)..................................38
第五章 結論與建議.....................................................................44
第一節 實證結果與討論..............................................................44
第二節 管理意涵........................................................................48
第三節 研究限制與未來建議.......................................................49
參考文獻....................................................................................50
附錄...........................................................................................58
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指導教授 陳明園 審核日期 2019-7-1
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